09.09.2024 06:47:19
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Big Lots To Be Acquired By Nexus, Initiates Chapter 11 Process
(RTTNews) - Discount home goods retailer Big Lots, Inc. (BIG) announced Monday that it has entered into an agreement to be acquired by an affiliate of Nexus Capital Management LP.
The deal will include substantially all of Big Lots' assets and ongoing business operations. To facilitate the transaction, the company, together with its units initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.
The company said it has implemented the plan to accelerate business optimization and achieve profitability in 2025.
During and after this process, Big Lots will continue to serve customers at their nearest store location or online at biglots.com.
The company noted that its underlying performance has been improving, yet the Board of Directors conducted a broad strategic review of alternatives.
According to the firm, entering into the sale agreement with Nexus, and initiating a court-supervised sale process, is the best path forward to maximize value and ensure continued operations.
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Big Lots Inc. | 0,12 | 0,98% |